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21 January 2015 – El País
Barcelona is the most expensive regional capital in Spain and Lugo is the most economical.
House rental prices in Spain closed the year (2014) with a slight increase of 2.6%, to reach €7 per square metre per month. During the last quarter of the year, prices continued to rise, up by 0.2%.
“The data shows a stable outlook for the rental market, which although is now recovering, is not showing any signs of a sudden increase in prices. In any case, as with the market for house sales, we have to recognise that the rental market has two speeds. Thus, the increases recorded in markets such as Madrid, Barcelona, tourist areas and specific areas of the País Vasco have sparked interest from investors towards these regions, however this has been at the detriment of other less profitable areas”, says Fernando Encinar of idealista.com.
By autonomous region, the greatest increase was recorded in Cataluña, where landlords are now charging 9.8% more to let their properties than a year ago. It is followed by the regions of Extremadura (3.9%) and the Balearic Islands (2.4%).
By contrast, Murcia and Galicia have experienced price reductions of around 4% and 3%, respectively.
Madrid continues to be the most expensive autonomous region, at €10.20 per square metre. It is followed closely by the País Vasco (€10.00/m2) and Cataluña (€9.20/m2).
Barcelona consolidated its position as the most expensive regional capital in Spain, with an average price increase of 11% to take it to €12.50 per square metre; it is followed by San Sebastián (€11.80/m2) and Madrid (€11.40/m2). At the opposite end of the table, we find Ourense and Lugo, as the cheapest regional capitals, with an average price of around €4.10/m2 in both cities.
Notably, Jaén was the regional capital that saw the highest increase in rental prices in 2014, which grew by 10.4%.
Original story: El País (by Paula Cossío)
Translation: Carmel Drake